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FIRST QUARTER 2017 PERFORMANCE & RISK-MONITORING REPORT For CPFIS-Included Unit Trusts & Investment-Linked Insurance Products

MARCH 2017 Thomson Reuters Lipper © Thomson Reuters 2017. All rights reserved.

FIRST QUARTER 2017 PERFORMANCE & RISK-MONITORING REPORT

Contents

1 INTRODUCTION ....................................................................................................................................... 3

2 UPDATE ON CPFIS-INCLUDED FUNDS ..................................................................................................... 4

3 MARKET DEVELOPMENTS IN Q1 2017 .................................................................................................... 5

3.1 Equity Markets ................................................................................................................................ 5

3.2 Bond Markets .................................................................................................................................. 6

3.3 The Outlook .......................................................................................................................................... 6

4 PERFORMANCE OF WORLDWIDE INDICES IN SGD .................................................................................. 8

5 SUMMARY OF PERFORMANCE OF CPFIS-INCLUDED FUNDS .................................................................. 9

6 SUMMARY OF RISK-ADJUSTED PERFORMANCE .................................................................................... 15

6.1 Lipper Leader Rating for CPFIS-Included Unit Trusts .................................................................... 16

6.2 Lipper Leader Rating for CPFIS-Included ILPs ................................................................................ 20

7 Appendices ............................................................................................................................................ 25

7.1 Complete List of Funds ................................................................................................................. 25

7.1.1 Full List of CPFIS-Included Unit Trusts ................................................................................... 25

7.1.2 Full List of CPFIS–Included ILPs ............................................................................................. 30

7.2 Investment Terminology Definitions............................................................................................. 39


1 INTRODUCTION

Thomson Reuters Lipper has been appointed by Investment Management Association of Singapore (IMAS) and Life Insurance Association of Singapore (LIAS) to monitor the performance of all unit trusts and investment-linked insurance products included under the Central Provident Fund Investment Scheme (CPFIS). This report shows Lipper’s findings for the three months ended March 31, 2017.

Important Disclaimers: The data shown in this report is information for investors and is not a solicitation to buy, sell, or hold any fund. Past performance is not an indicator of future performance. Past performance is no guarantee of future return. This report should not be used as the sole basis for any investment decision. Before investing in any fund, investors should carefully read the prospectus or other necessary information about the fund. Thomson Reuters Lipper has used reasonable efforts in preparing this report based on data collected from the contributing asset management companies. However, Thomson Reuters Lipper doesn’t guarantee the accuracy of the data contained herein and will not bear any responsibility for investment decisions of investors or for any loss arising from using the data presented in this report.


2 UPDATE ON CPFIS-INCLUDED FUNDS

As of March 31, 2017, there were 93 unit trusts and 171 investment-linked insurance products (ILPs) included under the CPFIS1, for a total of 264 funds.

Table 1 Number of CPFIS-Included Funds

As of End Q1-2017 As of End Q4-2016 Unit Trust 93 92 ILP 171 173 Total 264 265

Source: Central Provident Fund Board

Table 2 Newly Listed Products

Risk Classification CPFIS Focus Detail Lipper Classification

UT Natixis International Funds (LUX) I - Harris Associates Global Equity Fund P/A (SGD)

HIGHER RISK BROADLY DIVERSIFIED N/A Equity Global

Natixis International Funds (LUX) I - Harris Associates U.S. Equity Fund H-P/A (SGD)

HIGHER RISK NARROWLY FOCUSED

North America Equity US


Table 3 Delisted Products

Risk Classification CPFIS Focus Detail Lipper Classification UT LionGlobal China Growth Fund HIGHER RISK NARROWLY

FOCUSED Greater China Equity Greater China

ILP

AXA Singapore Dollar Fund LOW RISK Broadly Diversified N/A Money Market SGD

HSBC Insurance Premium Balanced Fund

MEDIUM TO HIGH RISK

BROADLY DIVERSIFIED N/A Mixed Asset SGD Balanced


1 Find more information about unit trusts and investment-linked insurance products (ILPs) included under the CPF Investment Scheme at https://www.cpf.gov.sg/Members/Schemes/schemes/optimising-my-cpf/cpf-investment-schemes

https://urldefense.proofpoint.com/v2/url?u=https-3A__www.cpf.gov.sg_Members_Schemes_schemes_optimising-2Dmy-2Dcpf_cpf-2Dinvestment-2Dschemes&d=CwMFAg&c=4ZIZThykDLcoWk-GVjSLm9hvvvzvGv0FLoWSRuCSs5Q&r=Cs_HrY2ZkBjECJ0vGmsrWE0h8byRrVCVBdreR2FTU0s&m=NXq_1TMGVdcta9PIXNBWKv2equMRLHIHDCY-9RQv00Q&s=wB2BFEZ2tdfloYo1fd4ewUn-8pKag49szlLr-ex0pe8&e=

https://urldefense.proofpoint.com/v2/url?u=https-3A__www.cpf.gov.sg_Members_Schemes_schemes_optimising-2Dmy-2Dcpf_cpf-2Dinvestment-2Dschemes&d=CwMFAg&c=4ZIZThykDLcoWk-GVjSLm9hvvvzvGv0FLoWSRuCSs5Q&r=Cs_HrY2ZkBjECJ0vGmsrWE0h8byRrVCVBdreR2FTU0s&m=NXq_1TMGVdcta9PIXNBWKv2equMRLHIHDCY-9RQv00Q&s=wB2BFEZ2tdfloYo1fd4ewUn-8pKag49szlLr-ex0pe8&e=


3 MARKET DEVELOPMENTS IN Q1 20172

3.1 Equity Markets

Most of global equity markets outperformed for Q1 2017. The MSCI World Index rallied 6.53% (in U.S.-dollar terms) for Q1 2017, while it rose 1.97% for Q4 2016. India S&P BSE SENSEX Index soared 11.24% and took the lead among most of the global major markets for Q1 2017. For the U.S. market the NASDAQ index rallied 9.82, while the Dow Jones Industrial Average and the S&P 500 soared 4.56% and 5.53%, respectively, for the period. Most European equity markets also continued delivering positive performance for Q1 2017. The Xetra DAX, FTSE 100, and CAC 40 index rallied 7.25%, 2.52%, and 5.35%, respectively. In Asia the India S&P BSE SENSEX Index and Singapore Strait Times Index both soared over 10%, while the Russia RTS CR index slid 3.35% for Q1 2017.

Table 4 Major Stock Market Indices (all return figures are in the respective local currencies)

Price2017/3/31 3 Months 6 Months 9 Months 1 Year 3 Years

S&P BSE SENSEX 29,620.50 11.24 6.30 9.71 16.88 32.32Singapore Straits Times CR 3,175.11 10.22 10.65 11.76 11.76 -0.42NASDAQ Composite CR 5,911.74 9.82 11.29 22.08 21.39 40.79Hang Seng CR 24,111.59 9.60 3.50 15.95 16.05 8.85BOVESPA (Ibovespa) TR 64,984.07 7.90 11.34 26.12 29.82 28.90Xetra DAX TR 12,312.87 7.25 17.14 27.20 23.55 28.85Philippine PSE Composite CR 7,311.72 6.89 -4.17 -6.21 0.68 13.74KOSPI Composite CR 2,160.23 6.60 5.71 9.64 8.24 8.79TAIEX CR 9,811.52 6.03 7.03 13.21 12.20 10.87FTSE Bursa Malaysia KLCI CR 1,740.09 5.99 5.30 5.20 1.31 -5.90S&P 500 CR 2,362.72 5.53 8.97 12.57 14.71 26.19CAC 40 CR 5,122.51 5.35 15.16 20.89 16.82 16.65Swiss Market Index CR 8,658.89 5.34 6.39 7.96 10.90 2.43Jakarta SE Composite Index 5,568.11 5.12 3.79 10.99 14.92 16.77Dow Jones Industrial Average CR 20,663.22 4.56 12.86 15.24 16.84 25.55Shanghai Composite CR 3,222.51 3.83 7.25 10.00 7.28 58.49S&P/ASX 200 CR AUD 5,864.91 3.51 7.89 12.07 15.39 8.71FTSE 100 CR 7,322.92 2.52 6.14 12.59 18.59 10.98Thailand SET CR 1,575.11 2.08 6.20 9.00 11.89 14.45Nikkei 225 CR 18,909.26 -1.07 14.95 21.40 12.83 27.53RTS CR 1,113.76 -3.35 12.40 19.66 27.11 -9.16

NamePeriod ended 31-March-2017

Source: Thomson Reuters Lipper

2 Since the Singapore fund universe is not domestically focused and invests in a host of regions, currencies, and asset classes, discussion of global macroeconomic trends is imperative to understand fund performance. Furthermore, to avoid confusion from counter-directional currency movements (against the Singapore dollar) in the discussion of market trends, all index/average performance figures in this section are expressed in local-currency or U.S.-dollar terms.


3.2 Bond Markets

The Citigroup WGBI rose 1.55% for the quarter (in USD). The ten-year Treasury yield ended at 2.395% for the first quarter of 2017 versus 2.432% at the end of Q4 2016.

3.3 The Outlook

U.S. President Trump has reversed himself on labeling the Chinese government a currency manipulator. The White House also announced a tax reform plan, including slashing the corporate income tax rate to 15 percent from 35 percent, reducing the number of income tax brackets to three. However, the details of a complete tax proposal are not ready and concrete yet. Investors are concerned that the Trump administration's tax cuts proposal could increase the federal deficit and push up the national debt. It’s also a big conflict for a giant fiscal stimulus and tax cut. Moreover, tensions have risen sharply in Korean Peninsula as North Korea has stepped up ballistic missile tests. It’s unpredictable how a conflict or crisis could unfold, and the investors should watch out for further international political development.


Figure 1 U.S. Government Bond Market Movements

a. Changes in U.S. 10-year Yields–Past 12 Months b. Shifts in U.S. Benchmark Yields During Q1 2017 Daily US10YT=RR 2016/3/31 - 2017/3/31 (EST)

Yield

1.4

1.5

1.6

1.7

1.8

1.9

22.1

2.2

2.3

2.4

2.5

2.2820

01 18 02 16 01 16 01 18 01 16 01 16 03 17 01 16 01 16 03 17 01 16 162016 Q2 2016 Q3 2016 Q4 2017 Q1

1M - 30YYield

Auto

0.4

0.8

1.2

1.6

2

2.4

2.8

3.23.063

Yield

Auto

0.6

0.9

1.2

1.5

1.8

2.1

2.4

2.7

33.012

1M 6M 1Y 3Y 5Y 7Y 10Y 30Y

Source: Thomson Reuters Figure 2 Singapore Government Bond Market Movements

a. Changes in SG 10-year Yields–Past 12 Months b. Shifts in SG Benchmark Yields During Q1 2017 Daily SG10YT=RR 2016/3/31 - 2017/3/31 (GMT)

Yield

Auto1.7

1.8

1.9

2

2.1

2.2

2.3

2.4

2.5

2.124

01 18 03 16 01 16 01 18 01 16 01 16 03 17 01 16 01 16 03 16 01 16 01 162016 Q2 2016 Q3 2016 Q4 2017 Q1

Yield

Auto

0.8

1

1.2

1.4

1.6

1.8

2

2.2

2.4

2.62.645

2.438

1M 1Y 5Y 10Y 15Y 20Y 30Y Source: Thomson Reuters

As of March 31, 2017

As of December 31, 2016

As of December 31, 2016

As of March 31, 2017


4 PERFORMANCE OF WORLDWIDE INDICES IN SGD

Table 5 Worldwide Indices’ Performance in SGD

3 Months 6 Months 9 Months 1 Year 3 YearsSingapore Straits Times CR 10.22 10.65 11.76 11.76 -0.42 MSCI AC Asia ex Japan TR USD 9.68 8.96 21.69 22.25 28.49MSCI EM (Emerging Markets) TR USD 7.83 9.59 21.18 22.08 16.35MSCI World TR USD 3.03 11.33 18.41 19.78 32.78STOXX Europe 50 CR EUR 2.97 8.43 12.29 10.32 -6.55 Thomson Reuters/SGX SFI 2.35 -0.71 0.29 1.18 9.78SIBOR SGD 3 Month 0.23 0.46 0.69 0.94 2.46Citi WGBI TR USD -1.78 -4.80 -3.27 -0.03 7.16

Name Period ended 31-March-2017


The above indices represent the benchmarks for various major financial markets, as follows: Indices Financial Markets Citigroup WGBI TR Global bond markets MSCI AC Asia ex Japan TR Asian ex-Japan equities MSCI EM (Emerging Markets) TR Emerging markets equities MSCI World TR Global equities SIBOR SGD 3 Months Singapore money markets Singapore Straits Times CR Singapore equities Stoxx Europe 50 CR European equities Thomson Reuters/SGX SFI Singapore bond markets The minimum annual interest rate paid by the CPF board for the various accounts is as follows: Ordinary: 2.5% Special: 4.0% Medisave: 4.0% Retirement: 4.0%

For more information about CPF interest rates please visit: https://www.cpf.gov.sg/Members/AboutUs/about-us-info/cpf-interest-rates

https://www.cpf.gov.sg/Members/AboutUs/about-us-info/cpf-interest-rates


5 SUMMARY OF PERFORMANCE OF CPFIS-INCLUDED FUNDS

The average returns3 of CPFIS-included unit trusts and ILPs are shown below:

Figure 3 Average Performance of CPFIS-Included Funds at End Q1 2017 (% in SGD)

5.20

15.80

18.71

5.04

13.16

16.27

5.10

14.17

17.11

3.03

19.78

32.78

9.68

22.25

28.49

-1.78 -0.03

7.16

-5

0

5

10

15

20

25

30

35

Past Quarter Past 1 Year Past 3 Years

Unit Trusts ILPs All CPF MSCI World TR USD MSCI AC Asia ex Japan TR USD Citigroup WGBI TR USD


3 Average performance is calculated by a summation of all returns of funds in the group, divided by the number of funds.


Figure 4 Average Performance of CPFIS-Included Funds at End Q1 2017 by Asset Class (% in SGD)

1.27 1.16

9.29

6.44

18.55

20.11

4.10

10.66

15.56

0.19 0.641.52

0

5

10

15

20

25


Bond Equity Mixed Assets Money Market

Source: Thomson Reuters Lipper For the first quarter of 2017, the overall performance of CPFIS-included (unit trusts and ILPs combined) funds continued posting positive returns of 5.10% on average, given a positive return of 5.20% on average among CPFIS-included unit trusts and a positive return of 5.04% among CPFIS-included ILPs. For all the CPFIS-included, equity, mixed-assset, bond and money market types posted 6.44%, 4.10%, 1.27% and 0.19%, respectively for the quarter. The MSCI World TR USD and the MSCI AC Asia ex Japan Index rallied 3.03% and 9.68%, respectively, while the Citigroup WGBI slid 1.78% for Q1 2017. For the one year period the overall performance of CPFIS-included funds posted a positive return of 14.17% on average. CPFIS-included unit trusts rallied 15.80% on the year, and CPFIS-included ILPs soared 13.16% on average. During the same period the key benchmark MSCI World TR USD rallied 19.78% and MSCI AC Asia ex Japan Index soared 22.25%, respectively, while the Citigroup WGBI TR fell slightly 0.03%. For the one-year period equity products (+18.55% on average) outperformed the bond (+1.16% on average), mixed-asset (+10.66% on average) and money market (+0.64%) type offering. For the three-year period CPFIS-included funds soared 17.11% growth on average, accounted for by a gain of 18.71% on average from CPFIS-included unit trusts and 16.27% on average from CPFIS-included ILPs. During the same period MSCI World TR USD and MSCI AC Asia ex Japan Index rallied 32.78% and 28.49%, respectively, while the Citigroup WGBI TR rose 7.16%. Equity type was the leading gainers (+20.11%), while money market portfolio posted 1.52% on average for the period.


The average returns of CPFIS-included unit trusts by asset class4 are shown below: Figure 5 Average Performance of CPFIS-Included Unit Trusts at End Q1-2017 by Asset Class (% in SGD)

1.67 2.03

10.36

5.90

18.32

20.41

4.04

13.01

20.37

0

5

10

15

20

25


Bond Equity Mixed Assets

Source: Thomson Reuters Lipper During first quarter 2017, equity and mixed-asset types of UT portfolios posted positive return of 5.90% and 4.04% on average, while bond type only posted positive return of 1.67% for Q1 2017. On average for the one-year period, all asset types of UT portfolios posted positive return. Bond, equity and mixed-asset posted positive return of 2.03%, 18.32% and 13.01% on average, respectively. Equity products (+20.41%) outperformed the other asset class offerings over the three-year period, and mixed-asset and bond types posted gains of 20.37% and 10.36% on average, respectively, for the three years through March 2017.

4 Definition of asset types is as follows: - Equity: Funds with the primary investment objective of investing in stock markets - Bond: Funds with the primary investment objective of investing in fixed income markets with an average maturity > 1 year - Mixed-asset: Funds with the primary investment objective of investing in a strategic mix of equities and fixed income securities - Money market: Funds with the primary investment objective of investing in fixed income markets with an average residual life to maturity < 12 months


The average returns of CPFIS-included investment-linked insurance products by asset class are shown below: Figure 6 Average Performance of CPFIS-Included ILPs at End Q1-2017 by Asset Class (% in SGD)

0.98 0.55

8.50

6.99

18.7819.86

4.11

10.41

15.12

0.19 0.641.52

0

5

10

15

20

25


Bond Equity Mixed Assets Money Market

Source: Thomson Reuters Lipper For first quarter 2017, ILP portfolios all posted positive return. Equity, mixed-asset, bond and money market types of ILP portfolios posted positive return of 6.99%, 4.11%, 0.98% and 0.19% on average, respectively. For the one-year period equity products(+18.78% on average) outperformed the bond offerings (+0.55% on average), mixed-asset type(+10.41% on average) and money market (+0.64% on average). For the three-year period equity funds were the leading gainers (+19.86%). Bond, mixed-asset and money market portfolios delivered 8.50%, 15.12% and 1.52% growth, on average, respectively.


The average returns of CPFIS-included unit trusts by Lipper Global Classification5 are shown below:

Table 6 Average Performance of CPFIS-Included Unit Trusts by Lipper Global Classification (% Growth in SGD)

% Growth % Growth % Growth % Growth % Growth 3M 31/12/2016 6M 30/09/2016 9M 30/06/2016 1Y 31/03/2016 3Y 31/03/2014To 31/03/2017 To 31/03/2017 To 31/03/2017 To 31/03/2017 To 31/03/2017

Bond Global (5) 0.84 -0.55 0.11 1.15 7.86Bond SGD (8) 2.30 -0.61 1.10 2.42 11.89Equity ASEAN (1) 1.75 1.81 4.74 4.12 -22.89Equity Asia Pacific (1) 3.78 2.36 13.83 17.40 17.57Equity Asia Pacific ex Japan (9) 9.15 8.62 18.68 20.81 21.94Equity Asia Pacific Sm&Mid Cap (4) 8.91 8.27 18.74 20.01 24.61Equity China (3) 8.78 8.04 24.77 25.10 31.65Equity Emerging Mkts Asia (1) 10.87 11.55 25.00 28.16 43.19Equity Emerging Mkts Global (4) 7.77 8.75 18.93 21.21 13.86Equity Europe (10) 3.51 9.29 16.33 12.58 8.79Equity Global (7) 3.12 11.87 20.87 21.68 8.80Equity Global Income (5) 1.69 7.70 13.28 13.62 16.61Equity Greater China (5) 8.84 8.79 23.52 23.38 24.19Equity India (3) 13.27 9.22 16.61 23.29 69.59Equity Indonesia (1) 3.59 6.81 13.40 20.22 -8.14Equity Japan (4) 1.08 14.06 26.52 21.47 35.15Equity Korea (1) 8.33 4.09 14.63 1.16 -6.57Equity Malaysia (1) 3.16 -3.59 -1.24 -5.94 -14.37Equity Malaysia/Singapore (1) 7.34 6.97 9.19 5.19 -5.76Equity Sector Biotechnology (1) 8.41 7.77 24.51 26.39 34.87Equity Sector Information Tech (1) 9.91 14.23 31.38 28.71 53.06Equity Sector Real Est Global (1) -1.98 -1.40 -0.62 0.61 22.44Equity Singapore (6) 10.43 11.55 15.41 16.56 9.64Equity Thailand (3) 5.60 11.24 17.53 21.04 27.34Mixed Asset SGD Balanced (4) 4.30 4.34 10.24 11.69 19.87Mixed Asset USD Aggressive (1) 4.71 6.44 17.13 16.18 22.38Mixed Asset USD Bal - Global (1) 2.29 10.50 17.52 15.13 0.00Equity US (7) 2.58 11.13 17.96 18.54 39.82Absolute Return Other (1) 5.39 4.14 12.10 11.39 18.12Equity Sector Healthcare (2) 7.11 6.22 11.64 17.64 42.30Equity Sector Financials (1) 2.97 17.68 26.37 23.48 20.12Bond Asia Pacific LC (2) 1.22 -0.34 1.06 2.27 9.20Equity Japan Income (2) 1.54 12.37 21.30 13.46 42.24Grand Total (107) 5.20 7.74 15.32 15.80 18.71

Name

Source: Thomson Reuters Lipper Remark: The average calculation includes the different share classes of the funds.

5 For more information please go to Section 7.2—Investment Terminology Definitions.


The average returns of CPFIS-included ILPs by Lipper Global Classification are shown below: Table 7 Average Performance of CPFIS-Included ILPs by Lipper Global Classification (% Growth in SGD)

% Growth % Growth % Growth % Growth % Growth 3M 31/12/2016 6M 30/09/2016 9M 30/06/2016 1Y 31/03/2016 3Y 31/03/2014To 31/03/2017 To 31/03/2017 To 31/03/2017 To 31/03/2017 To 31/03/2017

Bond Global (12) 0.24 -2.86 -2.06 -0.44 6.87Bond SGD (7) 2.32 -0.24 1.38 2.66 12.01Equity ASEAN (2) 1.74 1.74 4.65 3.97 -23.22Equity Asia Pacific (1) 3.78 2.36 13.83 17.40 17.57Equity Asia Pacific ex Japan (12) 10.19 9.43 19.96 21.62 16.24Equity Asia Pacific Sm&Mid Cap (4) 9.32 6.68 19.03 18.52 2.30Equity China (3) 8.92 7.68 24.50 24.36 27.09Equity Emerging Mkts Asia (1) 10.88 11.55 25.00 28.17 43.24Equity Emerging Mkts Global (6) 7.63 8.10 18.27 19.79 15.81Equity Europe (4) 3.73 7.06 13.41 10.23 2.27Equity Global (18) 3.55 9.94 17.06 18.58 16.00Equity Global Income (1) -0.27 7.43 13.22 11.08 16.79Equity Greater China (4) 9.12 8.56 24.46 23.81 34.07Equity India (5) 12.87 8.19 12.45 19.67 50.31Equity Japan (5) 1.82 9.80 22.38 21.47 27.62Equity Sector Information Tech (4) 10.32 14.25 31.16 30.36 55.77Equity Sector Real Est Global (2) -2.22 -1.81 0.89 2.05 24.27Equity Singapore (10) 10.55 10.95 14.40 15.30 9.44Mixed Asset SGD Aggressive (13) 4.86 6.36 9.82 12.59 13.47Mixed Asset SGD Balanced (32) 4.41 4.72 9.64 11.13 16.72Mixed Asset SGD Conservative (10) 2.36 0.77 2.87 4.38 10.73Mixed Asset USD Bal - Global (1) 2.24 10.43 17.40 15.06 0.00Money Market SGD (5) 0.19 0.27 0.45 0.64 1.52Target Maturity Other (5) 4.13 4.10 9.82 11.09 17.06Equity US (1) -1.02 9.12 15.02 17.36 42.84Bond Other Hedged (1) 0.25 -4.94 -4.56 -2.69 8.06Equity Sector Healthcare (2) 7.11 6.10 11.53 17.40 42.08Bond Asia Pacific LC (1) 1.16 -0.10 1.60 2.94 10.98Grand Total (172) 5.04 5.72 11.73 13.16 16.27

Name

Source: Thomson Reuters Lipper Remark: The average calculation includes the different share classes of the funds.


6 SUMMARY OF RISK-ADJUSTED PERFORMANCE

The Lipper Leader rating methodology consists of four metrics that rate funds’ success in meeting certain goals: Total Return: Ability of a fund to provide superior total return compared to its peers

Consistent Return: Ability of a fund to provide relatively superior consistency and risk-adjusted return compared to its peers

Preservation: Ability of a fund to demonstrate superior preservation of capital in a variety of markets compared with other funds in its asset class

Expense: Ability of a fund to successfully manage to keep its expenses low relative to its peers and within its load structure

Funds are ranked against their Lipper peer group classifications for a three-year period. In other words, if a fund doesn’t have at least three years of historical performance and it is not in a group with more than five funds, it is not rated by Lipper. The rating is based on an equal-weighted average of percentile ranks of the four Lipper Leader metrics. For each metric: The top 20% of funds receive a rating of “5” and are named Lipper Leaders. The next 20% of funds receive a rating of “4.” The middle 20% of funds receive a rating of “3.” The next 20% of funds receive a rating of “2.” The lowest 20% of funds receive a rating of “1.”


6.1 Lipper Leader Rating for CPFIS-Included Unit Trusts

Figure 6 Venn Diagram of CPFIS–Included Unit Trusts With a Lipper Leader Rating (Rating of “5”)


As of the end of March 2017 the number of CPFIS-included unit trusts in the top 20% of funds, receiving a rating of “5” and named Lipper Leaders in each metric, was as follows:

Total Return: 15 funds

Consistent Return: 14 funds

Preservation: 22 funds

Expense: 4 funds

There’s no CPFIS-included unit trust received a rating of “5” (Lipper Leader) in all four metrics.

CPFIS–Unit Trust

15

22 4

14

0


Table 8 Full List of CPFIS-Included Unit Trusts with a Lipper Leader Rating

Name Lipper Global Classification

3 Years Lipper Rating

Consistent Return Expense

Total Return Preservation

AB SICAV I-International Health Care Portfolio (Class A) - SGD Equity Sector Healthcare 4 2 4 4

Aberdeen Asian Smaller Companies Fund Equity Asia Pacific Sm&Mid Cap 2 3 2 4 Aberdeen China Opportunities Fund Equity Greater China 2 4 1 2 Aberdeen European Opportunities Fund Equity Europe 1 3 1 2 Aberdeen Global Emerging Markets Fund Equity Emerging Mkts Global 3 3 3 3 Aberdeen Global Opportunities Fund Equity Global 2 3 1 4 Aberdeen India Opportunities Fund Equity India 2 4 2 2 Aberdeen Indonesia Equity Fund Equity Indonesia 1 4 1 1 Aberdeen Malaysian Equity Fund Equity Malaysia 4 3 4 2 Aberdeen Pacific Equity Fund Equity Asia Pacific ex Japan 2 3 1 4 Aberdeen Singapore Equity Fund Equity Singapore 3 3 3 4 Aberdeen Thailand Equity Fund Equity Thailand 1 4 2 4 Allianz Europe Equity Growth - Class AT (H2-SGD) Equity Europe Leader 2 Leader 3 Allianz Global Investors Premier Funds – Allianz Global High Payout Fund - SGD Equity Global Income 3 3 3 Leader

Allianz Global Investors Premier Funds – Allianz Global High Payout Fund (USD Share Class) Equity Global Income 3 3 3 Leader

Allianz Oriental Income - Class AT (SGD) Mixed Asset USD Aggressive 4 3 4 2 Amundi Opportunities-Amundi Singapore Dividend Growth (AS-D Class) Equity Singapore 2 3 3 2

APS Alpha Fund (SGD) Absolute Return Other Leader Leader Leader 3 Capital Group European Growth and Income Fund (LUX) – Share Class B, Currency EUR Equity Europe 3 3 3 3

Capital Group European Growth and Income Fund (LUX) – Share Class B, Currency USD Equity Europe 3 3 3 3

Capital Group European Growth and Income Fund (LUX) – Share Class Bd, Currency EUR Equity Europe 3 3 3 3

Capital Group European Growth and Income Fund (LUX) – Share Class Bd, Currency USD Equity Europe 3 3 3 3

Deutsche China Equity Fund (Class A) Equity China 2 4 2 1 Deutsche Global Themes Equity Fund - Class A - SGD Equity Global 2 3 2 3 Deutsche Lion Bond Fund (Class A) Bond Global 3 4 2 Leader Eastspring Investments - Japan Dynamic Fund Class As (hedged) Equity Japan 3 3 Leader 1

Eastspring Investments Unit Trusts – Asian Balanced Fund Mixed Asset SGD Balanced 4 4 Leader 4

Eastspring Investments Unit Trusts - Dragon Peacock Fund Equity Emerging Mkts Asia 4 3 Leader 4

Eastspring Investments Unit Trusts – Global Technology Fund Equity Sector Information Tech 3 4 3 4

Eastspring Investments Unit Trusts – Pan European Fund Equity Europe 3 3 3 3

Eastspring Investments Unit Trusts – Singapore ASEAN Equity Fund Equity Singapore 1 3 1 3

Eastspring Investments Unit Trusts – Singapore Select Bond Fund Class A Bond SGD Leader 3 Leader Leader

Eastspring Investments Unit Trusts – Singapore Select Bond Fund Class AD Bond SGD Leader 3 Leader Leader

Eastspring Investments-Asian Equity Income Fund Class as Hedged Equity Asia Pacific ex Japan 1 4 1 1

First State Asian Growth Fund Equity Asia Pacific ex Japan 2 3 4 Leader






First State Bridge Mixed Asset SGD Balanced Leader 4 Leader Leader First State Dividend Advantage Equity Asia Pacific ex Japan Leader 3 Leader Leader First State Global Resources Fund Equity Global 1 3 1 1 First State Regional China Fund Equity Greater China 4 4 4 3 Franklin Templeton Investment Funds - Templeton Emerging Markets Fund A(acc)SGD Equity Emerging Mkts Global 2 1 2 3

Franklin Templeton Investment Funds – Franklin Biotechnology Discovery Fund A(acc)SGD Equity Sector Biotechnology 4 3 4 1

Franklin Templeton Investment Funds – Templeton Asian Growth Fund A(acc)SGD Equity Asia Pacific ex Japan 1 1 2 3

Franklin Templeton Investment Funds – Templeton China Fund A(acc)SGD Equity Greater China 1 1 1 2

Franklin Templeton Investment Funds – Templeton European Fund A(acc)SGD Equity Europe 1 2 1 2

Franklin Templeton Investment Funds – Templeton Korea Fund A(acc)SGD Equity Korea 2 1 1 1

Franklin Templeton Investment Funds – Templeton Thailand Fund A(acc)SGD Equity Thailand Leader 1 Leader 4

Legg Mason Western Asset Asian Enterprise Trust (Class A (SGD) Accumulating) Equity Asia Pacific Sm&Mid Cap 1 4 1 2

Legg Mason Western Asset Global Bond Trust (Class A (SGD) Accumulating) Bond Global 2 4 3 Leader

Legg Mason Western Asset Singapore Bond Fund (Class A (SGD) Accumulating) Bond SGD 3 1 3 Leader

Legg Mason Western Asset Southeast Asia Special Situations Trust (Class A (SGD) Accumulating) Equity ASEAN 1 3 1 1

LionGlobal Japan Growth Fund (SGD) Equity Japan Leader 3 4 4 LionGlobal Japan Growth Fund SGD-Hedged Class Equity Japan 3 2 3 1 LionGlobal Short Duration Bond Fund Class A (SGD) (Dist) Bond Global 4 Leader 4 Leader

LionGlobal Singapore / Malaysia Fund (SGD) Equity Malaysia/Singapore 1 Leader 1 3 LionGlobal TEAM - Singapore Fixed Income Investment (Class A) Bond SGD 3 3 3 Leader

LionGlobal Thailand Fund (SGD) Equity Thailand 2 2 2 2 Manulife Asia Pacific Investment Grade Bond Fund Class A Bond Asia Pacific LC 2 4 2 Leader

Nikko AM Asia Investment Funds - Nikko AM Shenton Global Property Securities Fund S$ Class Equity Sector Real Est Global 3 4 3 3

Nikko AM Shenton Japan Fund (S$) Class Equity Japan 4 4 3 3

Nikko AM Shenton Short Term Bond Funds - Nikko AM Shenton Short Term Bond Fund (S$) Class Bond Global 3 Leader 2 Leader

Nikko AM Shenton Thrift Fund Equity Singapore Leader 4 Leader 4 PineBridge Asia Ex Japan Small Cap Equity Fund - Class A5CP Equity Asia Pacific Sm&Mid Cap Leader 2 Leader Leader

PineBridge Asia Ex Japan Small Cap Equity Fund - Class Y Equity Asia Pacific Sm&Mid Cap Leader 4 Leader Leader

Pinebridge India Equity Fund - Class A5CP Equity India Leader 4 Leader 3 PineBridge International Funds - Acorns of Asia Balanced Fund Mixed Asset SGD Balanced Leader 1 Leader 4

PineBridge International Funds - Singapore Bond Fund Bond SGD 4 1 4 Leader

Pinebridge US Large Cap Research Enhanced Fund - Class Y Equity US 4 4 4 Leader

Schroder Asian Equity Yield Fund Equity Asia Pacific ex Japan 3 3 3 Leader Schroder Asian Growth Fund Equity Asia Pacific ex Japan Leader 4 Leader 4 Schroder Asian Investment Grade Credit Bond Asia Pacific LC 2 4 2 Leader Schroder China Opportunities Fund Equity China Leader 3 4 2 Schroder Global Emerging Market Opportunities Fund Equity Emerging Mkts Global 4 3 4 3






Schroder Multi-Asset Revolution Class A Mixed Asset SGD Balanced 4 3 4 Leader Schroder Singapore Fixed Income Fund Class A Bond SGD 2 2 2 Leader Schroder Singapore Trust Class A Equity Singapore 4 4 4 4 United Asia Top-50 Fund Equity Asia Pacific 2 1 2 4 United Global Financials Fund Equity Sector Financials 2 1 2 3 United Global Healthcare Fund Equity Sector Healthcare Leader 2 Leader 1 United International Growth Fund Equity Global 3 4 3 Leader United SGD Fund - Class A (ACC) SGD Bond SGD 2 3 2 Leader United Singapore Bond Fund Bond SGD 4 2 4 Leader United Singapore Growth Fund Equity Singapore 1 4 1 2



6.2 Lipper Leader Rating for CPFIS-Included ILPs

Figure 7 Venn Diagram of CPFIS-Included ILPs With a Lipper Leader Rating (Rating of “5”)

Source: Thomson Reuters Lipper As of the end of March 2017 the number of CPFIS-included ILPs in the top 20% of funds, receiving a rating of “5” and named Lipper Leaders, in each metric was as follows:

Total Return: 22 funds

Consistent Return: 23 funds

Preservation: 57 funds

Expense: 21 funds

Two of the CPFIS-included ILPs received a rating of “5” (Lipper Leader) in all four metrics combined. They are: AIA Portfolio 30 and NTUC Global Managed Fund (Growth).

CPFIS–Insurance

22

57 21

23

2


Table 9 Full List of CPFIS-Included ILPs with a Lipper Leader Rating





AIA Acorns of Asia Fund Mixed Asset SGD Balanced Leader 3 Leader 4 AIA Emerging Markets Balanced Fund Mixed Asset SGD Balanced 3 3 3 3 AIA Emerging Markets Equity Fund Equity Emerging Mkts Global 4 3 3 3 AIA Global Balanced Fund Mixed Asset SGD Balanced Leader 3 Leader Leader AIA Global Bond Fund Bond Other Hedged 4 3 Leader Leader AIA Global Resources Fund Equity Global 1 3 1 1 AIA Global Technology Fund Equity Sector Information Tech 4 4 4 3 AIA Greater China Balanced Fund Mixed Asset SGD Balanced Leader 3 Leader 3 AIA Greater China Equity Fund Equity Greater China Leader 4 Leader 2 AIA Growth Fund Mixed Asset SGD Aggressive 2 Leader 2 2 AIA India Balanced Fund Mixed Asset SGD Balanced Leader 3 Leader 2 AIA India Opportunities Fund Equity India 2 4 2 2 AIA International Health Care Fund Equity Sector Healthcare 4 2 4 3 AIA Japan Balanced Fund Mixed Asset SGD Balanced Leader 3 Leader 3 AIA Japan Equity Fund Equity Japan 3 3 2 3 AIA Portfolio 100 Equity Global Income 3 2 3 Leader AIA Portfolio 30 Mixed Asset SGD Conservative Leader Leader Leader Leader AIA Portfolio 50 Mixed Asset SGD Balanced 4 3 4 Leader AIA Portfolio 70 Mixed Asset SGD Aggressive Leader 3 Leader 4 AIA Regional Equity Fund Equity Asia Pacific ex Japan N/A N/A N/A N/A AIA Regional Fixed Income Fund Bond SGD 4 2 4 Leader AIA S$ Money Market Fund Money Market SGD N/A N/A N/A N/A Aviva Aberdeen Pacific Equity (SP) Equity Asia Pacific ex Japan 2 1 1 3 Aviva Balanced Growth (SP) Mixed Asset SGD Balanced 3 1 3 3 Aviva Capital Growth (SP) Equity Asia Pacific ex Japan 3 2 3 4 Aviva Income Growth (SP) Mixed Asset SGD Conservative 1 1 1 Leader Aviva Legg Mason Western Asset Asian Enterprise Trust (SP) Equity Asia Pacific Sm&Mid Cap 1 3 2 2

Aviva Legg Mason Western Asset Global Bond Trust (SP) Bond Global 2 1 2 4

Aviva LionGlobal Japan Growth (SP) Equity Japan 4 1 4 3 Aviva MM Balanced Growth Mixed Asset SGD Balanced 4 Leader 4 3 Aviva MM Capital Growth Equity Asia Pacific ex Japan 4 Leader 4 4 Aviva MM Income Growth Mixed Asset SGD Conservative 3 4 3 Leader Aviva Nikko AM Shenton Short Term Bond (SP) Bond Global 2 1 2 Leader Aviva Schroder Multi Asset Revolution Mixed Asset SGD Balanced 4 3 4 Leader AXA Asian Balanced Fund Mixed Asset SGD Balanced Leader 3 Leader 4 AXA Asian Growth Fund Equity Asia Pacific ex Japan 4 3 3 4 AXA China Growth Fund Equity Greater China 3 4 3 2 AXA Fortress Fund A Equity Singapore 3 2 4 Leader AXA Fortress Fund B Equity Singapore 4 2 Leader 4 AXA Global Balanced Fund Mixed Asset SGD Balanced 4 3 4 Leader AXA Global Defensive Fund Bond Global 2 3 3 Leader AXA Global Emerging Markets Equity Fund Equity Emerging Mkts Global 4 3 3 4 AXA Global Equity Blend Equity Global 4 3 4 4 AXA Global Growth Fund Mixed Asset SGD Aggressive 4 3 4 4 AXA Global High Growth Fund Equity Global 3 3 3 4






AXA Global Secure Fund Mixed Asset SGD Conservative Leader Leader 4 Leader AXA India Fund Equity India 2 4 2 2 AXA Pacific Equity Fund Equity Asia Pacific ex Japan 2 3 1 4 AXA Singapore Balanced Fund Mixed Asset SGD Balanced 1 3 1 4 AXA Singapore Bond Fund Bond SGD 4 1 4 Leader AXA Singapore Equity Fund Equity Singapore 3 2 2 4 AXA South East Asia Special Situations Fund Equity ASEAN 1 3 1 1 AXA Value Growth Fund Equity Asia Pacific ex Japan 4 3 3 4 GreatLink Asia Pacific Equity Fund Equity Asia Pacific ex Japan 2 3 1 4 GreatLink China Growth Fund Equity Greater China 3 4 3 2 GreatLink European Equity Fund Equity Europe 3 3 3 3 GreatLink Global Bond Fund Bond Global 4 4 3 Leader GreatLink Global Emerging Markets Equity Fund Equity Emerging Mkts Global 3 3 4 3 GreatLink Global Equity Alpha Fund Equity Global 3 3 3 4 GreatLink Global Opportunities Fund Equity Global 2 3 1 4 GreatLink Global Real Estate Securities Fund Equity Sector Real Est Global Leader 4 Leader Leader GreatLink Global Supreme Fund Mixed Asset SGD Balanced 3 Leader 3 Leader GreatLink Global Technology Fund Equity Sector Information Tech Leader 4 Leader 4 GreatLink Lifestyle Balanced Portfolio Mixed Asset SGD Balanced 4 Leader 3 Leader GreatLink LifeStyle Dynamic Portfolio Equity Global 2 3 2 Leader GreatLink LifeStyle Progressive Portfolio Mixed Asset SGD Aggressive 4 3 4 3 GreatLink Lifestyle Secure Portfolio Mixed Asset SGD Conservative 4 Leader 3 Leader GreatLink Lifestyle Steady Portfolio Mixed Asset SGD Balanced 3 Leader 2 Leader GreatLink Lion Asian Balanced Fund Mixed Asset SGD Balanced 2 Leader 2 4 GreatLink Lion Japan Growth Fund Equity Japan 2 3 1 1 GreatLink Short Duration Bond Fund Bond Global 4 Leader 3 Leader GreatLink Singapore Equities Fund Equity Singapore 3 2 3 4 HSBC Insurance Ethical Global Equity Fund Equity Global 2 3 2 3 HSBC Insurance Global Bond Fund Bond Global 2 4 3 Leader HSBC Insurance Pacific Equity Fund Equity Asia Pacific ex Japan 2 3 2 3 HSBC Insurance Singapore Bond Fund Bond Global 3 4 2 Leader John Hancock Adventurous Portfolio Mixed Asset SGD Aggressive 3 4 3 4 John Hancock Balanced Portfolio Mixed Asset SGD Balanced 2 4 2 Leader John Hancock Cautious Portfolio Mixed Asset SGD Conservative 1 2 2 Leader John Hancock European Equity Fund Equity Europe 1 3 1 2 John Hancock Global Balanced Fund Mixed Asset SGD Balanced 3 1 3 4 John Hancock Greater China Fund Equity China 2 4 2 1 John Hancock Japan Growth Fund Equity Japan 3 3 2 3 John Hancock Pacific Equity Fund Equity Asia Pacific Sm&Mid Cap 1 4 1 2 John Hancock Pacific Harvest Fund Mixed Asset SGD Aggressive 1 1 1 1 John Hancock Worldwide Bond Fund Bond Global 2 2 2 Leader John Hancock Worldwide Equities Fund Equity Global 3 3 3 Leader Manulife Asian Small-Cap Equity Fund Equity Asia Pacific Sm&Mid Cap 1 3 1 2






Manulife European Equity Fund Equity Europe 1 3 1 2 Manulife Global Emerging Markets Fund Equity Emerging Mkts Global 3 3 3 3 Manulife Golden Asia Growth Fund Equity Asia Pacific Sm&Mid Cap 1 4 1 2 Manulife Golden Balanced Growth Fund Mixed Asset SGD Balanced 2 Leader 2 4 Manulife Golden Global Balanced Fund Mixed Asset SGD Balanced 4 4 4 4 Manulife Golden International Bond Fund Bond Global 2 4 3 Leader Manulife Golden Regional China Fund Equity China 2 3 2 1 Manulife Golden S.E.A. Special Situations Fund Equity ASEAN 1 3 1 1 Manulife Golden Singapore Growth Fund Equity Singapore 3 2 3 4 Manulife Golden Worldwide Equity Fund Equity Global 3 3 3 Leader Manulife Income Series - Asia Pacific Investment Grade Bond Fund Bond Asia Pacific LC 2 4 2 Leader

Manulife Income Series - Asian Balanced Fund Mixed Asset SGD Balanced 4 3 4 Leader Manulife India Equity Fund Equity India 2 4 2 2 Manulife Japan Growth Fund Equity Japan 3 3 2 3 Manulife Lifestyle Portfolios - Aggressive Equity Global 1 3 1 Leader Manulife Lifestyle Portfolios - Conservative Mixed Asset SGD Conservative 3 4 4 Leader Manulife Lifestyle Portfolios - Growth Mixed Asset SGD Aggressive 3 2 3 3 Manulife Lifestyle Portfolios - Moderate Mixed Asset SGD Balanced 2 4 2 Leader Manulife Lifestyle Portfolios - Secure Mixed Asset SGD Balanced 3 Leader 3 Leader Manulife Pacific Equity Fund Equity Asia Pacific ex Japan 2 3 1 4 Manulife Singapore Bond Fund Bond SGD 3 2 3 Leader NTUC AIM 2025 Target Maturity Other 2 2 2 Leader NTUC AIM 2035 Target Maturity Other 3 2 2 Leader NTUC AIM 2045 Target Maturity Other 2 2 3 4 NTUC AIM NOW Mixed Asset SGD Conservative 3 Leader 3 Leader NTUC Asia Managed Fund Mixed Asset SGD Aggressive Leader Leader Leader 3 NTUC Global Bond Fund Bond Global 2 4 2 Leader NTUC Global Equity Fund Equity Global 4 3 4 Leader NTUC Global Managed Fund (Balanced) Mixed Asset SGD Balanced 4 Leader 4 Leader NTUC Global Managed Fund (Conservative) Mixed Asset SGD Conservative Leader 4 Leader Leader NTUC Global Managed Fund (Growth) Mixed Asset SGD Aggressive Leader Leader Leader Leader NTUC Global Technology Fund Equity Sector Information Tech 2 4 2 2 NTUC Prime Fund Mixed Asset SGD Balanced Leader Leader Leader 3 NTUC Singapore Bond Fund Bond SGD 4 4 4 Leader NTUC Singapore Equity Fund Equity Singapore 3 4 3 3 NTUC Singapore Managed Fund Mixed Asset SGD Balanced 2 Leader 2 3 NTUC Takaful Fund Equity Global Leader 4 Leader Leader PruLink Adapt 2025 Target Maturity Other 2 1 1 Leader PruLink Adapt 2035 Target Maturity Other 2 1 2 4 PruLink America Fund Equity US 4 3 4 Leader PruLink Asian American Managed Fund Mixed Asset SGD Balanced 4 4 4 4 PruLink Asian Equity Fund Equity Asia Pacific ex Japan 2 4 2 3 PruLink Asian Income and Growth Fund Mixed Asset SGD Balanced Leader 4 4 Leader Prulink China-India Fund Equity Emerging Mkts Asia Leader 4 Leader 4 PruLink Emerging Markets Fund Equity Emerging Mkts Global 4 3 3 2






PruLink Global Bond Fund Bond Global 3 4 3 4 PruLink Global Developing Trends Fund Equity Global 1 3 1 2 PruLink Global Equity Fund Equity Global 2 3 2 4 PruLink Global Managed Fund Mixed Asset SGD Balanced 4 3 4 Leader PruLink Global Property Securities Fund Equity Sector Real Est Global 3 3 3 3 PruLink Global Technology Fund Equity Sector Information Tech 3 4 3 4 PruLink Greater China Fund Equity Greater China Leader 4 Leader 3 PruLink Singapore ASEAN Managed Fund Mixed Asset SGD Aggressive 1 4 3 2 PruLink Singapore Dynamic Bond Fund Bond SGD Leader 3 Leader Leader PruLink Singapore Growth Fund Equity Singapore 4 3 3 4 PruLink Singapore Managed Fund Mixed Asset SGD Aggressive 2 Leader 2 2 TMLS Asian Equity Fund Equity Asia Pacific ex Japan 2 4 1 4 TMLS China Equity Fund Equity China Leader 4 4 2 TMLS Global Bond Fund Bond Global 3 Leader 2 Leader TMLS Global Equity Fund Equity Global 2 3 2 Leader UOB Life FOF Asia Top 50 Fund Equity Asia Pacific 2 1 2 4 UOB Life FOF Global Healthcare Fund Equity Sector Healthcare Leader 2 Leader 1 UOB Life FOF Growth Fund Equity Singapore 1 4 1 2 UOB Life FOF International Growth Fund Equity Global 3 4 3 Leader UOB LifeLink Global Fund Equity Global 3 3 3 Leader UOB LifeLink Growth Fund Equity Singapore 1 3 1 2



7 Appendices

7.1 Complete List of Funds 6

7.1.1 Full List of CPFIS-Included Unit Trusts

Name Lipper Global CPFIS Risk CPF Focus TER Date Expense Ratio

Franklin Templeton Investment Funds – Templeton Korea Fund A(acc)SGD

Equity Korea Higher Risk Narrowly Focused 31/12/2016 2.58

Franklin Templeton Investment Funds – Templeton Thailand Fund A(acc)SGD

Equity Thailand Higher Risk Narrowly Focused 31/12/2016 2.51

Franklin Templeton Investment Funds - Templeton Emerging Markets Fund A(acc)SGD

Equity Emerging Mkts Global

Higher Risk Narrowly Focused 31/12/2016 2.48

Franklin Templeton Investment Funds – Templeton China Fund A(acc)SGD

Equity Greater China Higher Risk Narrowly Focused 31/12/2016 2.46

Franklin Templeton Investment Funds – Templeton Asian Growth Fund A(acc)SGD

Equity Asia Pacific ex Japan


United Asia Top-50 Fund Equity Asia Pacific Higher Risk Narrowly Focused 31/12/2016 2.20

United Global Healthcare Fund Equity Sector Healthcare


PineBridge Asia Ex Japan Small Cap Equity Fund - Class A5CP

Equity Asia Pacific Sm&Mid Cap


LionGlobal Thailand Fund (SGD) Equity Thailand Higher Risk Narrowly Focused 31/12/2016 2.09

AB SICAV I-International Health Care Portfolio (Class A) - SGD

Equity Sector Healthcare


United Global Financials Fund Equity Sector Financials


Allianz Europe Equity Growth - Class AT (H2-SGD)

Equity Europe Higher Risk Narrowly Focused 30/09/2016 1.85

Allianz Oriental Income - Class AT (SGD) Mixed Asset USD Aggressive


Franklin Templeton Investment Funds – Templeton European Fund A(acc)SGD


Franklin Templeton Investment Funds – Franklin Biotechnology Discovery Fund A(acc)SGD

Equity Sector Biotechnology


Capital Group European Growth and Income Fund (LUX) – Share Class Bd, Currency EUR


Capital Group European Growth and Income Fund (LUX) – Share Class Bd, Currency USD


Allianz Global Investors Premier Funds – Allianz Global High Payout Fund (USD Share Class)

Equity Global Income Higher Risk Broadly

Diversified30/06/2016 1.79

LionGlobal Japan Growth Fund SGD-Hedged Class

Equity Japan Higher Risk Narrowly Focused 30/06/2016 1.79

Nikko AM Asia Investment Funds - Nikko AM Shenton Global Property Securities Fund S$ Class

Equity Sector Real Est Global


First State Asian Growth Fund Equity Asia Pacific ex Japan


Aberdeen Asian Smaller Companies Fund Equity Asia Pacific Sm&Mid Cap


6 These expense ratios may not be up to end of Dec 2016 but already represent the most up-to-date information (which may include unaudited expense ratio) submitted by the FMCs/Insurers. Some funds which are newly launched or have newly launched share classes have no available data.



Aberdeen Asian Smaller Companies Fund Equity Asia Pacific Sm&Mid Cap


Aberdeen China Opportunities Fund Equity Greater China Higher Risk Narrowly Focused 30/09/2016 1.75

Aberdeen European Opportunities Fund Equity Europe Higher Risk Narrowly Focused 30/09/2016 1.75

Aberdeen Global Emerging Markets Fund



Aberdeen Global Opportunities Fund Equity Global Higher Risk Broadly Diversified

30/09/2016 1.75

Aberdeen India Opportunities Fund Equity India Higher Risk Narrowly Focused 30/09/2016 1.75

Aberdeen Malaysian Equity Fund Equity Malaysia Higher Risk Narrowly Focused 30/09/2016 1.75

Aberdeen Pacific Equity Fund Equity Asia Pacific ex Japan


Capital Group European Growth and Income Fund (LUX) – Share Class B, Currency EUR


Capital Group European Growth and Income Fund (LUX) – Share Class B, Currency USD


Franklin Templeton Investment Funds – Franklin India Fund AS (acc)SGD

Equity India Higher Risk Narrowly Focused 30/06/2016 1.75

Franklin Templeton Investment Funds – Templeton Global Equity Income Fund AS (Mdis)SGD



Franklin Templeton Shariah Funds – Templeton Shariah Global Equity Fund AS (acc)SGD

Equity Global Higher Risk Broadly


Natixis International Funds (LUX) I - Harris Associates Global Equity Fund P/A (SGD)

Equity Global Higher Risk Broadly


Natixis International Funds (LUX) I - Harris Associates U.S. Equity Fund H-P/A (SGD)

Equity US Higher Risk Narrowly Focused 31/12/2016 1.75

Aberdeen Indonesia Equity Fund Equity Indonesia Higher Risk Narrowly Focused 30/09/2016 1.74

Fidelity Funds - Greater China Fund SR-ACC-SGD


Franklin Templeton Investment Funds – Templeton Global Fund AS (acc)SGD

Equity Global Higher Risk Broadly Diversified

30/06/2016 1.74

Legg Mason Western Asset Southeast Asia Special Situations Trust (Class A (SGD) Accumulating)

Equity ASEAN Higher Risk Narrowly Focused 30/09/2016 1.74

Schroder Asian Equity Yield Fund Equity Asia Pacific ex Japan


Schroder Global Emerging Market Opportunities Fund



Aberdeen Thailand Equity Fund Equity Thailand Higher Risk Narrowly Focused 30/09/2016 1.73



Fidelity Funds – Asia Focus Fund SR-ACC-SGD



Fidelity Funds - Asian Special Situations Fund SR-ACC-SGD



Franklin Templeton Investment Funds – Franklin U.S. Opportunities Fund AS (acc)SGD


Legg Mason Western Asset Asian Enterprise Trust (Class A (SGD) Accumulating)



Pinebridge India Equity Fund - Class A5CP

Equity India Higher Risk Narrowly Focused 31/12/2016 1.73

Schroder International Selection Fund Greater China


Nikko AM Japan Dividend Equity Fund-SGD Hedged Class Units

Equity Japan Income Higher Risk Narrowly Focused 31/12/2016 1.72

Schroder China Opportunities Fund Equity China Higher Risk Narrowly Focused 31/12/2016 1.72

Fidelity Funds-China Focus Fund SR-ACC-SGD

Equity China Higher Risk Narrowly Focused 31/10/2016 1.71

Fidelity Funds-Emerging Markets Fund SR-ACC-SGD



First State Dividend Advantage Equity Asia Pacific ex Japan


Pinebridge US Large Cap Research Enhanced Fund - Class A5CP


Deutsche China Equity Fund (Class A) Equity China Higher Risk Narrowly Focused 30/06/2016 1.70

Eastspring Investments Unit Trusts – Global Technology Fund

Equity Sector Information Tech


Eastspring Investments Unit Trusts – Pan European Fund


Fidelity Funds-America Fund SR-ACC-SGD (Hedged)


Fidelity Funds-Global Dividend Fund SR-ACC-SGD

Equity Global Income Higher Risk Broadly Diversified

31/10/2016 1.70

Fidelity Funds-Global Dividend Fund SR-MINCOME(G)-SGD

Equity Global Income Higher Risk Broadly Diversified

31/10/2016 1.70

Fidelity Funds – European Growth Fund SR-ACC-Euro


First State Global Resources Fund Equity Global Higher Risk Narrowly Focused 30/06/2016 1.69

First State Regional China Fund Equity Greater China Higher Risk Narrowly Focused 30/06/2016 1.69

Fidelity Funds – America Fund SR-ACC-SGD




Fidelity Funds – America Fund SR-ACC-USD


Fidelity Funds – European Growth Fund SR-ACC-SGD


Aberdeen Singapore Equity Fund Equity Singapore Higher Risk Narrowly Focused 30/09/2016 1.67

Deutsche Global Themes Equity Fund - Class A - SGD


30/06/2016 1.67

Nikko AM Japan Dividend Equity Fund-SGD Class Units

Equity Japan Income Higher Risk Narrowly Focused 31/12/2016 1.67

Allianz Global Investors Premier Funds – Allianz Global High Payout Fund - SGD



Eastspring Investments Unit Trusts - Dragon Peacock Fund

Equity Emerging Mkts Asia


LionGlobal Japan Growth Fund (SGD) Equity Japan Higher Risk Narrowly Focused 31/12/2016 1.65

Eastspring Investments Unit Trusts – Singapore ASEAN Equity Fund

Equity Singapore Higher Risk Narrowly Focused 31/12/2016 1.64

Eastspring Investments - Japan Dynamic Fund Class As (hedged)

Equity Japan Higher Risk Narrowly Focused 31/12/2016 1.55

Eastspring Investments-Asian Equity Income Fund Class as Hedged



Amundi Opportunities-Amundi Singapore Dividend Growth (AS-D Class)

Equity Singapore Higher Risk Narrowly Focused 30/11/2016 1.54

LionGlobal Singapore / Malaysia Fund (SGD)

Equity Malaysia/Singapore


Schroder Asian Growth Fund Equity Asia Pacific ex Japan


PineBridge Asia Ex Japan Small Cap Equity Fund - Class Y



Schroder Singapore Trust Class A Equity Singapore Higher Risk Narrowly Focused 31/12/2016 1.33

United International Growth Fund Equity Global Higher Risk Broadly Diversified

30/06/2016 1.27

United Singapore Growth Fund Equity Singapore Higher Risk Narrowly Focused 30/06/2016 1.25

Pinebridge US Large Cap Research Enhanced Fund - Class Y


Nikko AM Shenton Japan Fund (S$) Class Equity Japan Higher Risk Narrowly Focused 31/12/2016 1.11

Nikko AM Shenton Thrift Fund Equity Singapore Higher Risk Narrowly Focused 31/12/2016 0.94

APS Alpha Fund (SGD) Absolute Return Other Higher Risk Narrowly Focused 30/06/2016 0.00



Schroder Multi-Asset Revolution Class A Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

31/12/2016 1.51

PineBridge International Funds - Acorns of Asia Balanced Fund

Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused 31/12/2016 1.49

Eastspring Investments Unit Trusts – Asian Balanced Fund


Medium To High Risk


First State Bridge Mixed Asset SGD Balanced

Medium To High Risk


Manulife Asia Pacific Investment Grade Bond Fund Class A

Bond Asia Pacific LC Low To Medium Risk


Legg Mason Western Asset Singapore Bond Fund (Class A (SGD) Accumulating)

Bond SGDLow To

Medium Risk Narrowly Focused 30/09/2016 0.95

Schroder Asian Investment Grade Credit Bond Asia Pacific LC Low To Medium Risk


Legg Mason Western Asset Global Bond Trust (Class A (SGD) Accumulating)

Bond GlobalLow To

Medium Risk Broadly


PineBridge International Funds - Singapore Bond Fund

Bond SGD Low To Medium Risk


United Singapore Bond Fund Bond SGD Low To Medium Risk


Schroder Singapore Fixed Income Fund Class A



Deutsche Lion Bond Fund (Class A) Bond Global Low To Medium Risk

Broadly Diversified

30/06/2016 0.70

LionGlobal TEAM - Singapore Fixed Income Investment (Class A)



United SGD Fund - Class A (ACC) SGD Bond SGD Low To Medium Risk

Broadly Diversified

30/06/2016 0.66

Eastspring Investments Unit Trusts – Singapore Select Bond Fund Class A



Eastspring Investments Unit Trusts – Singapore Select Bond Fund Class AD



LionGlobal Short Duration Bond Fund Class A (SGD) (Dist)

Bond Global Low To Medium Risk


Nikko AM Shenton Short Term Bond Funds - Nikko AM Shenton Short Term Bond Fund (S$) Class

Bond GlobalLow To

Medium Risk Broadly


LionGlobal Short Duration Bond Fund Class A (SGD) (Acc)



Source: Central Provident Fund Board and Thomson Reuters Lipper


7.1.2 Full List of CPFIS–Included ILPs

Name (CPF) Lipper Global CPFIS Risk CPF Focus Detail TER Date Expense Ratio

Aviva LionGlobal Japan Growth (SP) Equity Japan Higher Risk Narrowly Focused

Japan 30/06/2016 3.12

Aviva Aberdeen Pacific Equity (SP) Equity Asia Pacific ex Japan

Higher Risk Narrowly Focused

Asia 30/06/2016 3.04

UOB Life FOF Asia Top 50 Fund Equity Asia Pacific Higher Risk Narrowly Focused

Asia 30/06/2016 2.27

UOB Life FOF Global Healthcare Fund Equity Sector Healthcare Higher Risk Narrowly Focused

Healthcare 30/06/2016 2.17

AIA International Health Care Fund Equity Sector Healthcare Higher Risk Narrowly Focused

Healthcare 31/12/2016 2.15

Aviva Capital Growth (SP) Equity Asia Pacific ex Japan


Asia 30/06/2016 2.06

PruLink Global Property Securities Fund



Sector - Others

30/06/2016 1.97

Manulife Asian Small-Cap Equity Fund Equity Asia Pacific Sm&Mid Cap


Asia 30/06/2016 1.79

Manulife Pacific Equity Fund Equity Asia Pacific ex Japan


Asia 30/06/2016 1.76

AIA Emerging Markets Equity Fund Equity Emerging Mkts Global


Emerging Markets

31/12/2016 1.75

AIA Global Technology Fund Equity Sector Information Tech


Technology 31/12/2016 1.75

AIA Greater China Equity Fund Equity Greater China Higher Risk Narrowly Focused

Greater China

31/12/2016 1.75

AIA India Opportunities Fund Equity India Higher Risk Narrowly Focused

Country - Others

31/12/2016 1.75

Aviva Legg Mason Western Asset Asian Enterprise Trust (SP)



Asia 30/06/2016 1.75

AXA Asian Growth Fund Equity Asia Pacific ex Japan


Asia 31/12/2016 1.75

AXA China Growth Fund Equity Greater China Higher Risk Narrowly Focused

Greater China

31/12/2016 1.75

AXA Fortress Fund A Equity Singapore Higher Risk Narrowly Focused

Singapore 31/12/2016 1.75

AXA Fortress Fund B Equity Singapore Higher Risk Narrowly Focused

Singapore 31/12/2016 1.75

AXA Global Emerging Markets Equity Fund



Emerging Markets

31/12/2016 1.75

AXA Global Equity Blend Equity Global Higher Risk Broadly Diversified

N/A 31/12/2016 1.75

AXA Global High Growth Fund Equity Global Higher Risk Broadly Diversified

N/A 31/12/2016 1.75

AXA India Fund Equity India Higher Risk Narrowly Focused

Country - Others

31/12/2016 1.75


Name (CPF) Lipper Global CPFIS Risk CPF Focus Detail TER Date Expense

Ratio

AXA Pacific Equity Fund Equity Asia Pacific ex Japan


Asia 31/12/2016 1.75

AXA Shariah Global Equity Fund Equity Global Higher Risk Broadly Diversified

N/A 31/12/2016 1.75

AXA Singapore Equity Fund Equity Singapore Higher Risk Narrowly Focused

Singapore 31/12/2016 1.75

AXA South East Asia Special Situations Fund

Equity ASEAN Higher Risk Narrowly Focused

Asia 31/12/2016 1.75

AXA Value Growth Fund Equity Asia Pacific ex Japan


Asia 31/12/2016 1.75

Manulife Golden Singapore Growth Fund

Equity Singapore Higher Risk Narrowly Focused

Singapore 30/06/2016 1.75

Manulife Golden Worldwide Equity Fund


N/A 30/06/2016 1.75

PruLink Emerging Markets Fund Equity Emerging Mkts Global


Emerging Markets

30/06/2016 1.75

PruLink Global Equity Fund Equity Global Higher Risk Broadly Diversified

N/A 30/06/2016 1.75

GreatLink Global Opportunities Fund Equity Global Higher Risk Broadly Diversified

N/A 31/12/2016 1.74

John Hancock Worldwide Equities Fund


N/A 30/06/2016 1.74

AIA Global Resources Fund Equity Global Higher Risk Narrowly Focused

Sector - Others

31/12/2016 1.73

AIA Portfolio 100 Equity Global Income Higher Risk Broadly Diversified

N/A 31/12/2016 1.73

PruLink Greater China Fund Equity Greater China Higher Risk Narrowly Focused

Greater China

30/06/2016 1.73

GreatLink Global Equity Alpha Fund Equity Global Higher Risk Broadly Diversified

N/A 31/12/2016 1.72

John Hancock Japan Growth Fund Equity Japan Higher Risk Narrowly Focused

Japan 30/06/2016 1.72

Manulife European Equity Fund Equity Europe Higher Risk Narrowly Focused

Europe 30/06/2016 1.72

PruLink Global Technology Fund Equity Sector Information Tech


Technology 30/06/2016 1.72

PruLink Pan European Fund Equity Europe Higher Risk Narrowly Focused

Europe 30/06/2016 1.72

TMLS India Equity Fund Equity India Higher Risk Narrowly Focused

Country - Others

31/12/2016 1.72

TMLS Singapore Equity Fund Equity Singapore Higher Risk Narrowly Focused

Country - Singapore

31/12/2016 1.72

GreatLink Global Emerging Markets Equity Fund



Emerging Markets

31/12/2016 1.71

HSBC Insurance Pacific Equity Fund Equity Asia Pacific ex Japan


Asia 31/12/2016 1.71

John Hancock Pacific Equity Fund Equity Asia Pacific Sm&Mid Cap


Asia 30/06/2016 1.71

Manulife Golden Asia Growth Fund Equity Asia Pacific Sm&Mid Cap


Asia 30/06/2016 1.71



Manulife Golden Regional China Fund Equity China Higher Risk Narrowly Focused

Greater China

30/06/2016 1.71

Manulife Lifestyle Portfolios - Aggressive


N/A 30/06/2016 1.71

PruLink America Fund Equity US Higher Risk Narrowly Focused

North America

30/06/2016 1.71

John Hancock Greater China Fund Equity China Higher Risk Narrowly Focused

Greater China

30/06/2016 1.70

Manulife Global Emerging Markets Fund



Emerging Markets

30/06/2016 1.70

Manulife Golden S.E.A. Special Situations Fund

Equity ASEAN Higher Risk Narrowly Focused

Asia 30/06/2016 1.70

TMLS Global Equity Fund Equity Global Higher Risk Broadly Diversified

N/A 31/12/2016 1.70

TMLS Multi-Asset 90 Fund Mixed Asset SGD Aggressive

Higher Risk Broadly Diversified

N/A 31/12/2016 1.70

GreatLink Singapore Equities Fund Equity Singapore Higher Risk Narrowly Focused

Singapore 31/12/2016 1.69

HSBC Insurance Ethical Global Equity Fund


N/A 31/12/2016 1.69

PruLink Adapt 2035 Target Maturity Other Higher Risk Broadly Diversified

N/A 30/06/2016 1.68

AIA Regional Equity Fund Equity Asia Pacific ex Japan


Asia 31/12/2016 1.67

GreatLink Asia Pacific Equity Fund Equity Asia Pacific ex Japan


Asia 31/12/2016 1.67

GreatLink Global Real Estate Securities Fund



Sector - Others

31/12/2016 1.67

Manulife Japan Growth Fund Equity Japan Higher Risk Narrowly Focused

Japan 30/06/2016 1.67

AIA Japan Equity Fund Equity Japan Higher Risk Narrowly Focused

Japan 31/12/2016 1.66

PruLink Global Developing Trends Fund


N/A 30/06/2016 1.66

Manulife India Equity Fund Equity India Higher Risk Narrowly Focused

Country - Others

30/06/2016 1.65

GreatLink Global Technology Fund Equity Sector Information Tech


Technology 31/12/2016 1.64

Manulife Lifestyle Portfolios - Growth Mixed Asset SGD Aggressive


N/A 30/06/2016 1.64

Prulink China-India Fund Equity Emerging Mkts Asia


Country - Others

30/06/2016 1.64

PRUlink India Equity Fund Equity India Higher Risk Narrowly Focused

Country - Others

31/12/2016 1.62

GreatLink European Equity Fund Equity Europe Higher Risk Narrowly Focused

Europe 31/12/2016 1.61

GreatLink LifeStyle Dynamic Portfolio Equity Global Higher Risk Broadly Diversified

N/A 31/12/2016 1.60



GreatLink Lion Japan Growth Fund Equity Japan Higher Risk Narrowly Focused

Japan 31/12/2016 1.60

GreatLink China Growth Fund Equity Greater China Higher Risk Narrowly Focused

Greater China

31/12/2016 1.56

John Hancock European Equity Fund Equity Europe Higher Risk Narrowly Focused

Europe 30/06/2016 1.56

GreatLink LifeStyle Progressive Portfolio

Mixed Asset SGD Aggressive


N/A 31/12/2016 1.53

PruLink Asian Equity Fund Equity Asia Pacific ex Japan


Asia 30/06/2016 1.53

TMLS Asian Equity Fund Equity Asia Pacific ex Japan


Asia 31/12/2016 1.53

TMLS China Equity Fund Equity China Higher Risk Narrowly Focused

Greater China

31/12/2016 1.51

PruLink Singapore Growth Fund Equity Singapore Higher Risk Narrowly Focused

Singapore 30/06/2016 1.47

UOB LifeLink Growth Fund Equity Singapore Higher Risk Narrowly Focused

Singapore 30/06/2016 1.36

NTUC Global Equity Fund Equity Global Higher Risk Broadly Diversified

N/A 31/12/2016 1.34

NTUC Global Technology Fund Equity Sector Information Tech


Technology 31/12/2016 1.32

UOB LifeLink Global Fund Equity Global Higher Risk Broadly Diversified

N/A 30/06/2016 1.31

TMLS Global Emerging Markets Equity Fund



Emerging Markets

31/12/2016 1.28

UOB Life FOF International Growth Fund


N/A 30/06/2016 1.27

UOB Life FOF Growth Fund Equity Singapore Higher Risk Narrowly Focused

Singapore 30/06/2016 1.25

NTUC Takaful Fund Equity Global Higher Risk Broadly Diversified

N/A 31/12/2016 1.17

NTUC AIM 2035 Target Maturity Other Higher Risk Broadly Diversified

N/A 31/12/2016 1.15

NTUC AIM 2045 Target Maturity Other Higher Risk Broadly Diversified

N/A 31/12/2016 1.14

Aviva MM Capital Growth Equity Asia Pacific ex Japan


Asia 30/06/2016 1.05

NTUC Singapore Equity Fund Equity Singapore Higher Risk Narrowly Focused

Singapore 31/12/2016 0.70

Aviva Templeton Global Balanced (SP)


Medium To High Risk

Broadly Diversified

N/A 30/06/2016 2.24

Aviva Balanced Growth (SP) Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Asia 30/06/2016 2.04

Aviva Income Growth (SP) Mixed Asset SGD Conservative

Medium To High Risk

Narrowly Focused

Asia 30/06/2016 2.04

John Hancock Pacific Harvest Fund Mixed Asset SGD Aggressive

Medium To High Risk

Narrowly Focused

Asia 30/06/2016 1.88

John Hancock Global Balanced Fund Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.85

AIA Emerging Markets Balanced Fund Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Regional - Others

31/12/2016 1.55

AIA Global Balanced Fund Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.55

AIA Greater China Balanced Fund Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Greater China

31/12/2016 1.55



AIA India Balanced Fund Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Country - Others

31/12/2016 1.55

AIA Japan Balanced Fund Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Country - Others

31/12/2016 1.55

AIA Portfolio 50 Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.55

AIA Portfolio 70 Mixed Asset SGD Aggressive

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.55

AXA Asian Balanced Fund Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Asia 31/12/2016 1.55

AXA Global Balanced Fund Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.55

AXA Global Growth Fund Mixed Asset SGD Aggressive

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.55

AXA Singapore Balanced Fund Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Singapore 31/12/2016 1.55

PruLink Global Managed Fund Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.55

Aviva Schroder Multi Asset Revolution


Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.54

Manulife Income Series - Global Balanced Fund

Mixed Asset USD Bal - Global

Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.54

PruLink Adapt 2025 Target Maturity Other Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.54

AIA Acorns of Asia Fund Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Asia 31/12/2016 1.53

Manulife Income Series - Asian Balanced Fund


Medium To High Risk

Narrowly Focused

Asia 30/06/2016 1.52

TMLS Multi-Asset 50 Fund Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.52

TMLS Multi-Asset 70 Fund Mixed Asset SGD Aggressive

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.51

John Hancock Cautious Portfolio Mixed Asset SGD Conservative

Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.50

Manulife Golden Global Balanced Fund


Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.49

Manulife Lifestyle Portfolios - Moderate


Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.48

John Hancock Adventurous Portfolio Mixed Asset SGD Aggressive

Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.46

TMLS Multi-Asset 30 Fund Mixed Asset SGD Conservative

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.46

John Hancock Balanced Portfolio Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.45



PruLink Asian American Managed Fund


Medium To High Risk

Narrowly Focused

Asia 30/06/2016 1.45

PruLink Asian Income and Growth Fund


Medium To High Risk

Narrowly Focused

Asia 30/06/2016 1.45

PruLink Singapore ASEAN Managed Fund

Mixed Asset SGD Aggressive

Medium To High Risk

Narrowly Focused

Asia 30/06/2016 1.45

NTUC Asia Managed Fund Mixed Asset SGD Aggressive

Medium To High Risk

Narrowly Focused

Asia 31/12/2016 1.42

GreatLink Lion Asian Balanced Fund Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Asia 31/12/2016 1.40

GreatLink Global Supreme Fund Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.38

GreatLink Lifestyle Balanced Portfolio Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.38

Manulife Lifestyle Portfolios - Secure Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.38

Manulife Golden Balanced Growth Fund


Medium To High Risk

Narrowly Focused

Singapore 30/06/2016 1.35

Manulife Lifestyle Portfolios - Conservative

Mixed Asset SGD Conservative

Medium To High Risk

Broadly Diversified

N/A 30/06/2016 1.32

PruLink Singapore Managed Fund Mixed Asset SGD Aggressive

Medium To High Risk

Narrowly Focused

Singapore 30/06/2016 1.32

AIA Growth Fund Mixed Asset SGD Aggressive

Medium To High Risk

Narrowly Focused

Singapore 31/12/2016 1.28

NTUC Global Managed Fund (Growth) Mixed Asset SGD Aggressive

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.23

GreatLink Lifestyle Steady Portfolio Mixed Asset SGD Balanced

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.22

NTUC Global Managed Fund (Balanced)


Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.19

NTUC AIM 2025 Target Maturity Other Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.17

NTUC Global Managed Fund (Conservative)

Mixed Asset SGD Conservative

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 1.08

Aviva MM Balanced Growth Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Asia 30/06/2016 1.04

Aviva MM Income Growth Mixed Asset SGD Conservative

Medium To High Risk

Narrowly Focused

Asia 30/06/2016 1.04

GreatLink Lifestyle Secure Portfolio Mixed Asset SGD Conservative

Medium To High Risk

Broadly Diversified

N/A 31/12/2016 0.98

NTUC Singapore Managed Fund Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Singapore 31/12/2016 0.96

NTUC Prime Fund Mixed Asset SGD Balanced

Medium To High Risk

Narrowly Focused

Asia 31/12/2016 0.95



Aviva Legg Mason Western Asset Global Bond Trust (SP)


Broadly Diversified

N/A 30/06/2016 2.29

Aviva Nikko AM Shenton Short Term Bond (SP)


Broadly Diversified

N/A 30/06/2016 2.03

John Hancock Worldwide Bond Fund Bond Global Low To Medium Risk

Broadly Diversified

N/A 30/06/2016 1.37

Manulife Income Series - Asia Pacific Investment Grade Bond Fund

Bond Asia Pacific LCLow To

Medium Risk Narrowly Focused

Asia 30/06/2016 0.96

AIA Global Bond Fund Bond Other Hedged Low To Medium Risk

Broadly Diversified

N/A 31/12/2016 0.95

AIA Portfolio 30 Mixed Asset SGD Conservative

Low To Medium Risk

Broadly Diversified

N/A 31/12/2016 0.95

AXA Global Defensive Fund Bond Global Low To Medium Risk

Broadly Diversified

N/A 31/12/2016 0.95

AXA Global Secure Fund Mixed Asset SGD Conservative

Low To Medium Risk

Broadly Diversified

N/A 31/12/2016 0.95

AXA Singapore Bond Fund Bond SGD Low To Medium Risk

Narrowly Focused

Singapore 31/12/2016 0.95

AXA Short Duration Bond Fund Bond SGD Low To Medium Risk

Broadly Diversified

N/A 31/12/2016 0.94

HSBC Insurance Global Bond Fund Bond Global Low To Medium Risk

Broadly Diversified

N/A 31/12/2016 0.94

Manulife Singapore Bond Fund Bond SGD Low To Medium Risk

Narrowly Focused

Singapore 30/06/2016 0.94

NTUC AIM NOW Mixed Asset SGD Conservative

Low To Medium Risk

Broadly Diversified

N/A 31/12/2016 0.91

GreatLink Global Bond Fund Bond Global Low To Medium Risk

Broadly Diversified

N/A 31/12/2016 0.89

NTUC Global Bond Fund Bond Global Low To Medium Risk

Broadly Diversified

N/A 31/12/2016 0.88

AIA Regional Fixed Income Fund Bond SGD Low To Medium Risk

Narrowly Focused

Singapore 31/12/2016 0.87

Manulife Golden International Bond Fund


Broadly Diversified

N/A 30/06/2016 0.87

TMLS Singapore Bond Fund Bond SGD Low To Medium Risk

Narrowly Focused

Country - Singapore

31/12/2016 0.83

PruLink Global Bond Fund Bond Global Low To Medium Risk

Broadly Diversified

N/A 30/06/2016 0.77

HSBC Insurance Singapore Bond Fund Bond Global Low To Medium Risk

Broadly Diversified

N/A 31/12/2016 0.74

PruLink Singapore Dynamic Bond Fund


Narrowly Focused

Singapore 30/06/2016 0.62

GreatLink Short Duration Bond Fund Bond Global Low To Medium Risk

Narrowly Focused

Asia 31/12/2016 0.58

NTUC Singapore Bond Fund Bond SGD Low To Medium Risk

Narrowly Focused

Singapore 31/12/2016 0.52

TMLS Global Bond Fund Bond Global Low To Medium Risk

Broadly Diversified

N/A 31/12/2016 0.23

John Hancock Singapore Cash Fund Money Market SGD Lower Risk Narrowly Focused

Singapore 30/06/2016 0.63

Manulife Singapore Cash Fund Money Market SGD Lower Risk Narrowly Focused

Singapore 30/06/2016 0.62

GreatLink Cash Fund Money Market SGD Lower Risk Broadly Diversified

N/A 31/12/2016 0.43

AIA S$ Money Market Fund Money Market SGD Lower Risk Narrowly Focused

Singapore 31/12/2016 0.31

PruLink Singapore Cash Fund Money Market SGD Lower Risk Broadly Diversified

N/A 30/06/2016 0.31

Source: Central Provident Fund Board and Thomson Reuters Lipper


Lipper Leader Rating Methodology

Unlike many competing quantitative measures, the strength of the Lipper Leader rating system is that it uses investor-centered criteria and not asset- or style/strategy-based criteria. These investor-centered criteria deliver clear, straightforward descriptions of a fund’s success in meeting certain goals, such as preserving capital or building wealth through consistent, strong returns.

Investor-centered measures of fund performance and suitability

The Lipper Leader rating system consists of four metrics that provide clear, straightforward descriptions of a fund’s success in meeting certain goals for constructing individualized portfolios.

Total Return

Consistent Return

Preservation

Expense

Determine whether you are investing in funds that fit your investment goals

Lipper Leaders provide context and perspective for making informed investment decisions but do not predict future performance. Funds are ranked against their Lipper peer group classifications each month for three-, five-, and ten-year periods and for the overall period. These ratings are based on an equal-weighted average of percentile ranks of the four Lipper Leader metrics.

For each metric:

The top 20% of funds receive a rating of “5” and are named Lipper Leaders. The next 20% of funds receive a rating of “4.” The middle 20% of funds receive a rating of “3.” The next 20% of funds receive a rating of “2.” The lowest 20% of funds receive a rating of “1.”


Lipper Leader Metrics Total Return

The Lipper Leader rating for Total Return denotes a fund that has provided superior total return (income from dividends and interest as well as capital appreciation) compared to a group of similar funds. A Lipper Leader for Total Return may be the best fit for investors who want the best historical return, without looking at risk. This measure alone may not be suitable for investors who want to avoid downside risk. For more risk-averse investors the Total Return rating can be used with the Preservation and/or Consistent Return ratings to make an appropriate selection that balances risk and return.

Expense

The Lipper Leader rating for Expense identifies a fund that has successfully managed to keep its expenses low relative to its peers and within its load structure. A Lipper Leader for Expense may be the best fit for investors who want to minimize their total costs. This measure can be used in conjunction with Total Return or Consistent Return to identify funds with above-average performance and lower-than-average cost.

Consistent Return

The Lipper Leader rating for Consistent Return identifies a fund that has provided relatively superior consistency and risk-adjusted returns compared to a group of similar funds. Funds that achieve high ratings for Consistent Return may be the best fit for investors who value a fund’s year-to-year consistency relative to other funds in a particular peer group.

Investors are cautioned that some peer groups are inherently more volatile than others, and even Lipper Leaders for Consistent Return in the most volatile groups may not be well suited to shorter-term goals or less risk-tolerant investors.

Preservation

The Lipper Leader rating for Preservation is for a fund that has demonstrated a superior ability to preserve capital in a variety of markets compared with other funds in its asset class.

Choosing a Lipper Leader for Preservation may help to minimize downside risk relative to other fund choices in the same asset class. Investors are cautioned that equity funds have historically been more volatile than mixed-equity or fixed income funds, and that even a Lipper Leader for Preservation in more volatile asset classes may not be well suited to shorter-term goals or less risk-tolerant investors.


7.2 Investment Terminology Definitions

Lipper Global Classification

The Lipper Global Classification (LGC) is the unique fund classification system developed by Lipper to assist fund information users in comparing fund performance within a reasonable peer group. Its purpose is to create homogeneous groups of funds with comparable investment objectives. We refine our existing classifications to ensure meaningful peer groups and add new classifications in response to client requests and market trends.

For more information please visit http://www.lipperweb.com/Research/ClassMethodology.aspx

Quantitative Analysis

Return

All returns are calculated on a NAV-to-NAV basis in Singapore dollars with dividends reinvested. The gain or loss of a particular fund in a particular period is calculated with the following formula:

Return Relative to Benchmark

Relative return is a measure of fund performance relative to its benchmark’s performance. It is calculated as the difference between the fund’s return and the benchmark’s return over a given period. Higher relative return means better fund performance relative to the benchmark’s performance.

http://www.lipperweb.com/Research/ClassMethodology.aspx


Expense Ratio

Expense ratio expresses the management, trustee, and certain other expenses of a managed fund as a proportion of the net asset value of the fund. The expense ratio expresses the sum of all operating expenses charged on an ongoing basis to the fund’s assets as a percentage of the fund’s average net asset value and is calculated using the following formula:

100ValueAsset Net Average

Expenses Operating Total(%) Ratio Expense Total ×=

Information Ratio

Information ratio is a risk-adjusted measure of a fund’s performance relative to its benchmark’s performance. (The fund’s benchmark can be found in the supplementary document Return Performance Review.) The information ratio is given by the ratio of average relative return (excess return) and tracking error. Tracking error or tracking risk refers to the volatility or standard deviation of the investment manager’s excess return over the benchmark’s return. A higher information ratio means better fund performance relative to the benchmark’s performance on a risk-adjusted basis.

Sharpe Ratio

The Sharpe ratio is a risk-adjusted measure of performance developed by William F. Sharpe; it is also known as the reward-to-volatility ratio. It is calculated as the average subperiod excess return divided by the standard deviation of subperiod excess return over a given period. Subperiod excess return is the difference between the investment return and the CPFIS-OA guaranteed interest rate for a subperiod. A higher Sharpe ratio means better fund performance relative to the risk-free rate on a risk-adjusted basis. The Sharpe ratio is a special form of information ratio where the risk-free rate is the benchmark.

Formula:


Standard Deviation

Standard deviation is a measure of investment risk or volatility in subperiod returns. It is calculated as the square root of variance, which is the average of the subperiod squared deviations over a given period. Higher standard deviation means higher risk.

Maximum Gain

Maximum gain is the most positive monthly return over a given period.

Maximum Loss

Maximum loss is the most negative monthly return over a given period.

Return/Risk

The return/risk ratio is a measure of risk-adjusted performance. It is calculated as the average return divided by the standard deviation of subperiod returns over a given period. A higher return/risk ratio means better fund performance relative to fund volatility on a risk-adjusted basis.

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